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Causes and Consequences of Merger Waves

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Author Info
Jörn Kleinert
Henning Klodt

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Abstract

This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis that sectoral shocks are at the root of merger waves. Deregulation and globalization are identified as the shocks responsible for the latest wave. The impact of merger activities on profitability and employment growth are studied by using the DOME database which has been built up at the Kiel Institute of World Economics. On average, performance of merging and non-merging firms do not differ significantly. In smal­ler, more homogenous sub-samples, however, substantial sectoral differences are found. The most important determinant of the success of mergers is the size of the target unit.

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Publisher Info
Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1092.

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Length: 28 pages
Date of creation: Jan 2002
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Handle: RePEc:kie:kieliw:1092

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Related research
Keywords: Mergers; Deregulation; Globalization; Event Studies;

Find related papers by JEL classification:
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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  1. Gregor Andrade & Mark Mitchell & Erik Stafford, 2001. "New Evidence and Perspectives on Mergers," Journal of Economic Perspectives, American Economic Association, vol. 15(2), pages 103-120, Spring. [Downloadable!] (restricted)
  2. Ravenscraft, David J. & Scherer, F. M., 1989. "The profitability of mergers," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 101-116, March. [Downloadable!] (restricted)
  3. Horn, Henrik & Persson, Lars, 1996. "Endogenous Mergers in Concentrated Markets," CEPR Discussion Papers 1544, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. José Manuel Campa & Ignacio Hernando, 2002. "Value creation in European M&As," Banco de España Working Papers 0223, Banco de España. [Downloadable!]
  2. Frey, Rainer & Hussinger, Katrin, 2006. "The Role of Technology in M&As: A Firm Level Comparison of Cross-Border and Domestic Deals," ZEW Discussion Papers 06-69, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
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  3. Campa, Jose M. & Hernando, Ignacio, 2002. "Value creation in European M&As," IESE Research Papers D/471, IESE Business School. [Downloadable!]
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